ÏB bank reference letter

Discussion in 'Retail Brokers' started by jose.montana, Jun 5, 2007.

  1. I'm trying to obtain a reference letter from IB for the purpose of opening a bank account. It should be very simple because I already wrote it and all they need to do is to print and sign it. It is as vanilla as it gets, but nobody is picking the ticket up.

    Does anyone have tried to get such a letter from IB? How long does it take?

  2. When I open a bank account I don't need a reference letter. I'm wondering why you do. A "reference letter" implies that IB would be "vouching" for you in some way. My guess is that they are unwilling to do that. What does the letter say?

  3. Well, it's for a foreign bank. The letter only confirms that for how long I've been with IB and how many digits are in the balance. And right after that it disavows any responsibility on the part of IB. Very standard. I inquired in another ticket a month ago and was told IB would supply such a letter.
  4. It all seems slightly odd.
    If you show the bank copies of your first IB statements and those of today, then that should suffice.

    Usually, Banks require references from other Banks you have /are dealing with, which is why you always request a reference before closing any account. You never know when it might become useful one day.

    I imagine that the Bank is acting to comply with FATF and there are other ways of dealing with FATF rather than placing yourself at the mercy of IB.

    In what country are you opening an account?
  5. It's for a bank in Panama and it's a standard requirement for a foreigner to open an account there. Nowadays many banks and brokers are mostly computers and it's difficult to get a letter like that, but that's still their standard requirement.
  6. rayl


    I would be curious to know your outcome.

    I've obtained similar items for various purposes over the years but have always gone to a more fuller service firm for them. (Though they always write everything based on a standardized template... no one I've dealt with uses the "you write it, we print/sign it" model.)

    I normally would not expect this service from a broker like IB but would love to know your experience.
  7. You are obviously a Colombian drug lord so if you send me a couple of 'key's' I will arrange for you a letter of reference...Deal?
  8. I actually don't mind they charge a fee for such extra services. Especially such simple ones, very easy for they to provide, and only those clients who need them pay for them.
  9. That is not my experience in Panamà.

    Are you trying to open the account remotely or have you presented yourself to the Banco ... there is a big difference from their point of view.
  10. I agree, when I had an account opened in Panama, only an ID and some supporting was required. I never needed an referral letter from a U.S. entity I believe. There is no risk to the bank in opening a basic account so why the referral letter?
    #10     Jun 6, 2007